Stockholm — Truck maker Volvo raised its forecast for the European market on Wednesday as years of cost cuts and healthy sales delivered stronger-than-expected quarterly earnings. Sweden’s Volvo, which competes with German rivals Daimler and Volkswagen’s stable of truck brands, also reported a surprise rise in orders for its trucks, driven by strong demand in Europe. "This is a jackpot at all levels … a raised European outlook, better orders and better operating profit and operating margin," Handelsbanken Capital Markets analyst Hampus Engellau said following the results. Shares in Volvo has risen 7.3% by 8.16am GMT, reaching their highest level since April 2015.
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